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please answer question 4.1 with explanation Elco Manufacturing Ltd manufactures machinery according to client specifications. On 1 May the uncompleted work consisted of one job,
please answer question 4.1 with explanation
Elco Manufacturing Ltd manufactures machinery according to client specifications. On 1 May the uncompleted work consisted of one job, job 5. The recorded costs on this uncompleted job amounted to R13000. At the beginning of May materials valued at R7 500 were in inventory and during the month additional materials were purchased for R38 200. uverneaus are apporuoned to joos un we vasis on vidur ravour costs. The budgeted overheads recovery rate is R0,50 for every R1 of direct labour cost. Jobs 5 and 7 were completed during the month and invoiced to the clients concerned at R65 600 and R27 200 respectively. REQUIRED 4.1 Calculate the prafit or loss for May for each completed job and for the company. Elco Manufacturing Ltd manufactures machinery according to client specifications. On 1 May the uncompleted work consisted of one job, job 5. The recorded costs on this uncompleted job amounted to R13000. At the beginning of May materials valued at R7500 were in inventory and during the month additional materials were purchased for R38 200. our costs. The budgeted overheads recovery rate is R0,50 for every R1 of direct labour cost. Jobs 5 and 7 were completed during the month and invoiced to the clients concerned at R65600 and R27 200 respectively Step by Step Solution
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